He Makes $50m/yr on Cookie Popups, Controls 2% of all Web Traffic

Raphaël Boukris is the co-founder and Chief Revenue Officer of Didomi (didomi.io), the Paris-based consent management platform that helps enterprises comply with GDPR, CCPA, and privacy laws worldwide. Roughly 2% of all global web traffic passes through Didomi's SDK, and the company processes billions of consent decisions every month for customers including Bloomberg, Sky, and Adyen. In this interview, Raphaël breaks down the full financial history on the record: three funding rounds, two acquisitions, and a majority sale to private equity. He raised under €300k from angels, then €5m from Breega in late 2019, then a €34m ($40m) Series B led by Elephant and Breega in summer 2021 — priced, he says, at above a 10x ARR multiple. Eight months later the market collapsed. He never burned through the money. In April 2025, Marlin Equity Partners took majority control, and Didomi immediately acquired Addingwell and Sourcepoint. Today the group does $40–60m ARR across 3,500 customers with fewer than 200 employees, and has at least one customer paying over $1m per year. What we cover: (01:02) What Didomi actually sells, and why every cookie banner in Europe is a business (01:51) Why roughly 2% of global web traffic runs through their SDK (02:12) Processing billions of consents per month — and who is not the customer (03:00) Pricing on monthly unique visitors, and why AI agents and bots are breaking that model (04:32) The Addingwell acquisition: a few million in ARR, a few thousand euros ACV, profitable enough to pay dividends (05:10) Why he bought a second product instead of building one (06:56) Every round, in order: sub-€300k angel, €5m Breega, €34m Series B (07:50) Above a 10x multiple in 2021 — and how he ran Elephant through a roadshow to get it (09:44) Secondaries in the Series B, and managing a team whose options went underwater (10:06) The year he crossed $1m ARR, and the year he crossed $10m (12:18) The question he answers "absolutely not" — was he ever close to shutting it down (13:09) What growth equity actually pays in 2025, and the range he'd give (14:22) Buying Sourcepoint, a company that had raised $48m, for its ACV and its US enterprise base (15:07) 3,500 customers, one paying over $1m/year, under 200 people (16:44) The combined group revenue number: $40–60m ARR Full metrics, funding history, and revenue timeline: https://getlatka.com/companies/didomi.io

• 0:00Speaker 00

  We're basically a B2B software company and specialized in consent management. So what we do is that we help enterprise and middle market companies to comply with privacy laws. We raised the Series B, 34 million euros or 40 million dollars. And then we got Marlin as a majority stakeholder back in April 2025. And yes, they paid quite a strong multiple, above 10x, I can say.

• 0:29Speaker 01

  Do you have any million-dollar-per-year customers yet, or you're still fighting for that contract?

• 0:33Speaker 00

  I have some.

• 0:34Speaker 01

  You do? Congratulations. That's a surprise. I wouldn't have expected that. Congratulations.

• 0:42Speaker 01

  Hey, folks. My guest today is Raph Boukris. He's the co-founder and chief revenue officer of didomi.io, responsible for scaling revenue across the US, Europe, and Latin America. He's also an angel investor in over 30 startups and is based in France. Raph, you ready to take us to the top?

• 0:56Speaker 00

  Hi, Nathan. Thanks for having me.

• 0:59Speaker 01

  Okay. Tell us what the company does and what you're selling.

• 1:01Speaker 00

  We're basically a B2B software company and specialized in consent management. So what we do is that we help enterprise and middle market companies to comply with privacy laws like GDPR in Europe or CCPA in the US and lots of other laws everywhere in the world.

• 1:20Speaker 01

  This is like when I visit a website and I'm in Europe and it says, "Accept all cookies" or "Opt into consents." You're powering a lot of that.

• 1:27Speaker 00

  Hundred percent. We are one of the largest providers, helping the largest publishers in the world, including Gutenberg, Sky, Les Echos, Adivinta, big marketplaces. I would say that basically we are there, sleep properly, avoiding fines and making sure that they can monetize also their data in the legal way.

• 1:51Speaker 01

  When you say you're the largest, what does that mean? Are you processing the most consents per day?

• 1:55Speaker 00

  So we are not the largest, but I would say one of the largest. We got an SDK that we display on the different websites, on our customers' websites. And just to give you one number, more or less 2% of the global web traffic is going through our SDK. 2%, which is a very large number.

• 2:15Speaker 01

  How many consents are you approving on a daily or weekly or monthly basis right now? Are we talking tens of millions or billions?

• 2:21Speaker 00

  Billions.

• 2:23Speaker 01

  With a B?

• 2:24Speaker 00

  With a B, with a large B. Why? Because our customers are mostly publishers, immersions, very large traffic websites. If you're just an SMB with Google Analytics and a hundred of visitors, you don't go to Didomi. You're gonna choose something that is, I would say, lighter, where you don't need to customize a lot.

• 2:45Speaker 01

  So just to be clear, you're processing billions of consents per month across your customer base?

• 2:51Speaker 00

  Correct.

• 2:52Speaker 01

  You know, everyone in the age of AI is trying to figure out how do you price? Per seat, usage-based, something else? How are you pricing?

• 2:59Speaker 00

  That's a great question, Nathan. And just before this interview, I was in a two-hours workshop because we are revamping all the pricing. We basically price on the monthly unique visitors. Okay? So the more traffic you get on the different devices, the more you're gonna be charged. And we are thinking of new ways, you write with agents, AI, build some websites. There are lots of different challenges and we always want to bring more value to our customers through maturity models, through the different platforms that we acquire. So very large topic, but long story short, so far, the more visitors you get, the more you're gonna pay.

• 3:37Speaker 01

  Is most of your selling happening by automatic, no-touch upselling? Or do you have sales reps calling into your accounts with a quota target to drive upsell and NDR?

• 3:45Speaker 00

  At Didomi, you need to call a sales. Okay? We have almost no reseller. So you go on our website, you ask for a demo, you're gonna get a sales. I try to get the sales cycle shorter because I think that buyers don't want to be sold too much through first meeting, second meeting, third meeting. But anyway, if you're an enterprise with 20 stakeholders, you're gonna grow through this process. We are covering different segments of customers and Didomi is super focused on enterprise and mid-market. And I don't really believe that you can, you know, pay hundreds of thousands of euros ARR without talking to a sales. Not yet. Or we haven't succeeded to do that so far.

• 4:27Speaker 01

  Addingwell was PLG. You acquired them in April 2025. What was their average revenue per customer when you acquired them? Are we talking like 10 bucks a user or like 1,000 a user?

• 4:36Speaker 00

  No, more than that. So I would say a few thousand euros ARR because it was a mix, you know, between PLG, that was very efficient. When I opened that, I would say, "Wow, that's a fantastic model." And the sales that, because they also get some mid-market and enterprise.

• 4:53Speaker 01

  Okay. And what was that company doing total in ARR before you acquired them?

• 4:57Speaker 00

  A few millions in ARR. That's something that I can say.

• 5:00Speaker 01

  Why acquire them? Were you acquiring the sales motion? Was it a product? Were you acquiring the team? What was the number one reason?

• 5:06Speaker 00

  We raised this off Series B back in 2021. You know, that was a very intense year in terms of fundraising. There was lots of money. And then we had two great years, 2024, 2023, 2024. But we were almost focused on one consent management platform product. So as a CRO, I needed to get some cross-sell. And as it takes more time, you know, to develop new lines of products, we're really looking to do some M&A and look for cross-sell products. So what you should do as a founders is you just need to ask your customers and your partners, what are the best tools that you are using or that can make sense to complement our offer?

• 5:51Speaker 00

  And we bumped into Addingwell and we say, "Oh, you've got a great business, more or less the same ICP, more martech than privacy tech." But that can be a very good band-aid and we can do a lot of cross-sell. So then, yeah, we designed it to make an offer and then to look for the money.

• 6:12Speaker 01

  Are you comfortable sharing the multiple range you paid for Addingwell?

• 6:15Speaker 00

  I cannot, but I can say it was, we paid kind of a premium. When we approached them, they had less than three years and the growth was just insane. And DBDA was so positive that they can pay, you know, some dividends. So there is a big trade-off between selling and keeping the company and milking the company. So we paid a good price. That's also, that's also the reason why we did a roadshow and handed raising money from a P theme. We did double-track between VC and PE. And PE was much more adapted for the next phase of Didomi, doing more and more M&A, consolidation.

• 6:55Speaker 01

  My research team only told me that in 2021, you raised a 40-million Series B. Did you raise money prior to that?

• 7:02Speaker 00

  We raised three rounds. One very small round that you cannot find in the press, that's with business on jet, but I would say that's 200, less than 300,000 euros. Okay? So very small dilution. Then we raised 5 million in 20, end of 2019 with a French DC that is called Dregga, that is still there, a long-term partner. And then we raised the Series B, 34 million euros or 40 million dollars back in summer 2021. And then we got Marlin as a majority stakeholder back in April 2025.

• 7:43Speaker 01

  Going back to the 2021, I mean, so many companies were trading for insane valuations back then. You three being smart founders said, "Hey, we should take advantage of this." If you were a good negotiator, maybe you traded at 15, 20, 30x forward-looking ARR. Is that true?

• 7:59Speaker 00

  We traded at a strong multiple. That's what I can say. More than what is trading now. We knew for sure that that was kind of a bet. So we had different offers. And also for the story, we raised with Elephants and they approached us before Series B. They were kind of aggressive. It's, they do outbound and they say, "Okay, we did big research on your company. This is why you're exceptional. This is why we want to invest." And then we say, "Okay, you get one offer, but you need to do a roadshow. You need to challenge to see what's your value on the market." And then at the end, we say, "Hey, guys, you're interested."

• 8:40Speaker 00

  We got different offers from CRO, ADC, are interested and they say yes. And yes, they paid quite a strong multiple.

• 8:49Speaker 01

  Did you trade for larger than a 20x multiple?

• 8:52Speaker 00

  Cannot answer this question, but...

• 8:55Speaker 01

  Can you give me a wide range? I'm trying to get a sense if it was like 5X or 50X. Can you just give me a really broad range?

• 9:01Speaker 00

  It's not a 5 or 7X. So it's more than 10X.

• 9:05Speaker 01

  Above that?

• 9:06Speaker 00

  Above 10X, I can say.

• 9:08Speaker 01

  Okay, above 10X, fair enough. Okay, so now the question to you is, you know, you're one of the founders. Obviously, the team's excited in 2021 about their equity, right? There's new investors coming in. Now, you know, everyone, not just you, everyone's trading at lower multiples. How do you manage the psychology of your team and their options potentially being underwater?

• 9:23Speaker 00

  That's a good question. So I think we get long-term employees, okay? That got stocks at a very, very low strike price, okay? So I would say that we get early employees that were very, very happy. And we get employees that join in 2021 that made less money.

• 9:44Speaker 01

  You're 10 years into this since the launch in 2017. You know, really good founders will try and find a way to create liquidity, a little liquidity, both for themselves and early employees. Was any part of that 40 million Series B a secondary?

• 9:55Speaker 00

  There was secondaries, not as much as when the B came in. But yeah, there was liquidity and especially for the business angels.

• 10:05Speaker 01

  I want to understand how the company's growing as you're thinking about these funding rounds. What year did you pass a million of ARR? Do you remember?

• 10:11Speaker 00

  I think it was more or less when we raised the 5 million with Brega. Company was launched in 2017. We started to sell early 2018. Man, I think that in less than two years, we did the first million of ARR.

• 10:30Speaker 01

  And when did you break 10 million?

• 10:33Speaker 00

  Maybe 2020, maybe end of 2023, something like that.

• 10:37Speaker 01

  And now that you've got private equity on, are they demanding at board meetings, "Raf, you've got to be growing 200% year over year"? Or what's the goal for 2026 in terms of growth rate?

• 10:47Speaker 00

  I think that they also, I would not say patient, but we made two acquisitions in a row, which is a lot. So I think that the first priority is to make these two acquisitions quite successful. Because they injected money also for these acquisitions, okay? So that was the first step. Second step, they also want to make sure that you get the right people in your C-suits to succeed in the five coming years. At the end, they just want you to be efficient, so rule of 40. If you grew by 40%, you can be break even. If you grow by 200%, and now you know with AI, because you mentioned in that, more and more, you get the rule of 60, which is challenging.

• 11:32Speaker 00

  But if you want to be a tier-one company in 2026, you need to reach it. But we are not there.

• 11:40Speaker 01

  Are you profitable today?

• 11:42Speaker 00

  I think this question is quite complex because as we acquire, we acquired one profitable and one nonprofitable company and Didomi was more like break even. So no, I would say we more or less, I would say more or less, depends the way you compute it. But the group is more or less reprecatory and depends on the investments, but...

• 12:02Speaker 01

  I'm trying to get a sense if you're a gambler or not, what your risk tolerance is. Was there any point of time before you raised from Marlin in April 2025 where you burned through the full 40 million Series B and your bank got so low, you considered shutting the company down?

• 12:16Speaker 00

  No, absolutely not. We had lots of cash and no, we are not gamblers. Even if I'm, I've been a poker player for 20 years, but we are not gamblers with the company, with people's lives. So we didn't want to be in a situation where we had to raise. So for instance, just after Series B, when we saw the collapse in the stock market in March 2022, we said, okay, the plan, that's a Series B plan, that's crazy. So we still have tons of money in the bank. We need to be capital efficient.

• 12:48Speaker 01

  Were you growing like 100% year over year in 23, 24, 25, or more or less?

• 12:53Speaker 00

  Less, less because, no, less, less. 2023, 2024, we were targeting an efficient growth, okay? So I would give you the range 20 to 50% while not burning or not burning a lot.

• 13:08Speaker 01

  If you negotiate with Marlin in 2025, there's a lot of my listeners wondering, what do growth equity firms pay? What multiples are they paying today? Are you comfortable sharing what multiple you negotiated with Marlin and why they were the right partner?

• 13:19Speaker 00

  I cannot, I cannot mention the multiple, of course. But I would say this is a great multiple. And you know, with P, what is great is that you get the buyer that is paying a fair price and is very different from the stock options, the liquid preferences. So that's what we like, you know? And we didn't try to over-negotiate valuation because as founder, you run out tons of, you do a big rollover, okay, of your equity.

• 13:46Speaker 01

  So you were, I mean, you traded above 10X in 21. It's fair to say 2025, you were maybe, you know, above 2X but below 10X, right? Something in that wide range.

• 13:55Speaker 00

  I can say this range, 2 to 10 is the...

• 13:57Speaker 01

  Yeah, that's a big range.

• 13:59Speaker 00

  2 is really low and then it's quite high for P, so that's a big range.

• 14:03Speaker 01

  And you were, and you were saying that time period, you're growing 20 to 40% year over year. So on a 10 million base in 23, you were doing something like 15 to 18 million of revenue in 2025? Something like that?

• 14:15Speaker 00

  Not too far.

• 14:16Speaker 01

  As you think about moving into sort of 2026, you've obviously done some massive acquisitions. A lot of the press was reporting, I mean, that Sourcepoint acquisition, I mean, you weren't materially bigger than them, right? Would you agree that that was sort of a combination of equals in terms of revenue sizes?

• 14:29Speaker 00

  We're bigger than them in terms of ARR.

• 14:32Speaker 01

  Okay, but they'd raised 48 million bucks, right?

• 14:35Speaker 00

  They raised tons of money and they launched earlier than us. Maybe that was the trap. But what was great is the quality of their customers. So the ICV was much higher than Didomi.

• 14:50Speaker 01

  How high?

• 14:51Speaker 00

  Big multiple because we get lots of mid-market at Didomi. So the quality of their customer portfolio and also the geos, you know, a company that has lots of enterprise customers in the US and in UK is worth more than in all the geos. So that was the perfect acquisition for Didomi. And now we are very happy. It's hard to know the story looking forward, but looking backward, we are more than happy.

• 15:17Speaker 01

  How many customers are you serving today now?

• 15:19Speaker 00

  The group of 3.5K customers.

• 15:24Speaker 01

  That's amazing, okay. And I mean, do you have any million-dollar-per-year customers yet? Or you're still fighting for that contract?

• 15:30Speaker 00

  I have some.

• 15:31Speaker 01

  You do? Congratulations, that's a surprise. I wouldn't have expected that, congratulations.

• 15:36Speaker 00

  I cannot mention the name, but we get one multimillion-dollar customer.

• 15:39Speaker 01

  Tell me more about your team size today, how many full-time?

• 15:43Speaker 00

  We are a bit less than 200 full-time employees.

• 15:46Speaker 01

  How many are engineers versus like sales team?

• 15:49Speaker 00

  Revenue team is half of the company and product plus engineers, plus support team is the whole team, profit team, reset.

• 15:59Speaker 01

  Let's wrap up with AI. Where are you taking your product? Your customers are listening to this interview. What do you want them to know about your product roadmap?

• 16:05Speaker 00

  AI, we have more and more. It's in the plan, but that's not in industry compliance where you are gonna rush to put some agents because compliance is quite complex and you want to, you cannot take too much risk, you know? It's not like in the voice industry or retail or other industry. But yes, it's coming. I would say that for the Didomi group, we have massively invested internally in our operations. So far, not so lot of AI that is in the product suite.

• 16:33Speaker 01

  Okay, makes sense. And are you comfortable sharing just overall combined company revenue range today?

• 16:38Speaker 00

  In dollars, 40 to 60 million dollars ARR.

• 16:43Speaker 01

  Go back 10 years to when you launched this thing, Raf. Did you ever imagine you'd be, you know, running and serving 3,500 customers with 40 to 50, you know, 40 to 60 million of ARR?

• 16:53Speaker 00

  No, to be honest, we have always been very ambitious, but it has been a step-by-step game. And no, that's fantastic. And I think that every phase has been crazy. And that's also why I like to angel invest. I like to share all the learnings, the different phases. I love that.

• 17:13Speaker 01

  And what's your situation today? Like, how old are you today? You know, married, single? What does, what's your life look like?

• 17:19Speaker 00

  I'm 35. I'm father of three young kids, nine, seven, and two. I live in Southern France now. I quit Paris last summer for Nice, Côte d'Azur, French Riviera.

• 17:33Speaker 00

  What can I share? Also actively angel investing in more than 35 companies. Also love to do sports, boxing, and I play poker. If you want to know everything about me.

• 17:47Speaker 01

  But we're hosting a founder poker night in Paris. Get a sense, you're probably pretty good. So maybe, maybe I don't want you at the table. You'll take all my money.

• 17:53Speaker 00

  That's always what people are telling me. I want to invite you, but I want to be purchased and not invited.

• 17:58Speaker 01

  Guys, didomi.io, launched in 2017 by three co-founders with a team of 190 people, 80 on the revenue side and 80 on research, product engineering, product managers, et cetera, doing between 40 and 60 million of ARR today. Raf, thank you for taking us to the top.

• 18:13Speaker 00

  Thank you, Natal.